SEC's Stance Tests Altcoin Ambitions as Dogecoin ETF Nears Hurdles
21Shares’ Spot DogecoinDOGE-- ETF has been listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker TDOG, marking a procedural milestone in its path toward a U.S. launch. The DTCC listing facilitates the technical infrastructure required for clearing and settling trades, enabling brokerages to prepare for potential trading activity once regulatory approvals are secured [1]. This step follows 21Shares’ April 2025 S-1 registration with the U.S. Securities and Exchange Commission (SEC) and Nasdaq’s proposed rule change to list the fund under commodity-based trust rules [1]. While the DTCC listing signals operational readiness, it does notNOT-- equate to SEC approval, which remains a separate and critical regulatory hurdle [1].
The SEC has yet to finalize its review of the 21Shares Dogecoin ETF application, with potential decisions anticipated between October 2025 and January 2026 [5]. The agency’s cautious approach to crypto ETFs—particularly for assets like Dogecoin, a meme coin with no inherent utility—has raised questions about the likelihood of approval. Analysts note that the SEC’s primary concerns include market manipulation, liquidity risks, and investor protection, which are amplified for volatile, sentiment-driven assets . Bloomberg analyst Eric Balchunas highlighted the significance of the TDOG ticker, sparking discussions among traders and social media platforms, though he emphasized that the DTCC listing is a technical step, not a regulatory green light [1].
Dogecoin’s price reacted to the DTCC news with a 4% dip to $0.2405, despite a 98% surge in 24-hour trading volume to $4.9 billion [1]. This volatility underscores the coin’s sensitivity to market sentiment and regulatory developments. Institutional interest in Dogecoin has grown, with entities like CleanCore Solutions increasing their holdings to over 600 million DOGEDOGE--, valued at $160 million [3]. However, experts caution that without SEC approval, the ETF’s impact on Dogecoin’s price remains uncertain. Analysts suggest that approval could drive institutional demand, mirroring the effect seen with BitcoinBTC-- ETFs, while rejection might dampen short-term momentum [5].
The Dogecoin ETF landscape is competitive, with multiple applications pending. REX-Osprey’s DOGE ETF (DOJE) became the first U.S.-listed Dogecoin fund earlier in September 2025 [3]. Bitwise, Grayscale, and 21Shares have also submitted proposals, each facing distinct regulatory timelines. The SEC’s use of a 240-day review period for most applications has delayed decisions, with final rulings expected as late as January 2026 [5]. Market observers note that the approval of any Dogecoin ETF would signal a shift in regulatory tolerance for altcoins, potentially paving the way for broader crypto ETF adoption [4].
Despite the procedural progress, challenges persist. The SEC’s historical skepticism toward crypto ETFs—rooted in concerns over market integrity and investor protection—remains a wildcard. For Dogecoin, the lack of a clear use case beyond speculative trading complicates its regulatory viability compared to Bitcoin or EthereumETH-- . However, the growing institutional adoption of crypto and the maturation of market infrastructure, such as DTCC’s role in facilitating settlements, suggest that regulators may eventually accommodate a broader range of crypto assets [4].
Investors are advised to monitor key developments, including the SEC’s response to Nasdaq’s rule change, the effective date of 21Shares’ registration, and any official launch announcements. Until regulatory clarity is achieved, the DTCC listing remains a preparatory step, with no assurance of a successful ETF launch. The outcome of this process will likely influence not only Dogecoin’s trajectory but also the broader acceptance of altcoins in traditional financial markets [1].
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